Automotive components major Uno Minda is betting big on the opportunity with electric vehicles, while remaining bullish about the growth potential of the Indian market. Chairman Nirmal K Minda reveals the strategic future growth roadmap.
18 Sep 2024 | 2356 Views | By Mayank Dhingra
Tier-1 automotive components major Uno Minda, which has diversified into manufacture and supply of electric vehicle (EV) components in India and in overseas markets, is eyeing strong growth. For two-wheelers, the company has struck two joint ventures with Germany's Friwo (for full-line e-drive solutions) and Buehler Motor(for EV traction ...
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Tier-1 automotive components major Uno Minda, which has diversified into manufacture and supply of electric vehicle (EV) components in India and in overseas markets, is eyeing strong growth. For two-wheelers, the company has struck two joint ventures with Germany's Friwo (for full-line e-drive solutions) and Buehler Motor (for EV traction motors) to offer localised EV parts such as electric motors, chargers, and battery management system.
Uno Minda is now venturing into components for electric passenger and commercial vehicles with its recently signed technical licensing agreement (TLA) with China's Suzhou Inovance Automotive to localise advanced powertrain products such as combined charging units, e-axles, inverters and motors in India.
In this comprehensive interview, Nirmal K Minda, chairman and managing director of the Uno Minda Group, talks about how the company remains firm on its EV plans despite ongoing slowdown in EV volumes globally, as well as its plans to strengthen its R&D in India. He also reveals the company's confidence on the strong growth potential of the Indian market in the long-term future.
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“We have to reduce fossil fuels and improve the environment. These two are the key challenges of the future. We are already seeing strong demand for electric two-wheeler chargers, particularly in the last two to three months, and we are suppling to TVS Motor, Bajaj Auto and Hero MotoCorp. We have a very good forecast, said Mr Minda.
He added, ““Until about a year ago, the passenger vehicle (PV) and commercial vehicle (CV) players in India were not intensively looking at the localisation of EV components, but lately, we have started receiving RFQs from different OEMs. We are now in discussions with several OEMs for the localisation of parts such as EDUs, chargers and BMSs, and we will set up a greenfield facility.”
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